{"id":1004142580,"date":"2016-04-25T05:24:54","date_gmt":"2016-04-25T13:24:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004142580"},"modified":"2020-04-28T02:56:13","modified_gmt":"2020-04-28T10:56:13","slug":"doubletree-near-dupont-circle-commands-65m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/doubletree-near-dupont-circle-commands-65m\/","title":{"rendered":"DoubleTree near Dupont Circle Commands $65M"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"DoubleTree<\/a>

DoubleTree by Hilton Hotel Washington D.C.<\/p><\/div>\n

Washington<\/strong>\u2014Xenia Hotels & Resorts<\/a> recently announced it has sold the 220-key DoubleTree by Hilton Washington D.C.<\/a> to an undisclosed buyer for $65 million.<\/p>\n

\u201cWhile we believe in the long-term strength of the Washington D.C. market<\/a>, as evidenced by our continued ownership of two outstanding hotels in the area\u2014the Hilton Garden Inn Washington D.C. and the Lorien Hotel in Alexandria, Va.\u2014the sale of this asset allowed us to reduce our exposure in the market, as well as monetize a portion of the upside of a potential repositioning of the hotel without taking the operational risk associated with the significant required renovation,” said Marcel Verbaas, president & CEO of Xenia, in a prepared statement.<\/p>\n

The Orlando-based REIT reports that the $65 million price tag represents a 5.5 percent cap rate on 2015 NOI and a 15.7 multiple of the asset\u2019s earnings before interest, taxes, depreciation and amortization for last year. Xenia also retained approximately $3.1 million, representing the balance in the hotel’s capital expenditure reserve account.<\/p>\n

Located at 1515 Rhode Island Blvd., the Washington hotel<\/a> sits within a 10-minute walk from Dupont Circle, Logan Circle and Lafayette Square. The DoubleTree features a fitness center, restaurant and bar, 24-hour business center, nine meeting rooms, gift shop and 6,700 square feet of flexible meeting space.<\/p>\n

Xenia Hotels & Resorts is based in Florida and\u00a0invests primarily in upscale hotels with a focus on top lodging markets and key touristic destinations. The company owns a 12,328-key portfolio with 49 hotels spread across 21 states. Xenia is publicly traded<\/a> since 2014 and recently named Atish Shah<\/a> as EVP, CFO and treasurer.<\/p>\n

Image courtesy of DoubleTree by Hilton<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

REIT Xenia Hotels & Resorts said the sale price represents a 5.5 percent cap rate on 2015 NOI and a 15.7 multiple of the asset\u2019s EBITDA. <\/p>\n","protected":false},"author":740,"featured_media":1004142581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,11,21742,1615],"tags":[],"class_list":["post-1004142580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-midatlantic","category-latest","category-washington-dc"],"acf":[],"yoast_head":"\nDoubleTree near Dupont Circle Commands $65M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/doubletree-near-dupont-circle-commands-65m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DoubleTree near Dupont Circle Commands $65M\" \/>\n<meta property=\"og:description\" content=\"REIT Xenia Hotels & Resorts said the sale price represents a 5.5 percent cap rate on 2015 NOI and a 15.7 multiple of the asset\u2019s EBITDA.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/doubletree-near-dupont-circle-commands-65m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-25T13:24:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-28T10:56:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/DoubleTree-by-Hilton-Hotel-Washington-D.C..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"677\" \/>\n\t<meta property=\"og:image:height\" content=\"380\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/doubletree-near-dupont-circle-commands-65m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/doubletree-near-dupont-circle-commands-65m\\\/\"},\"author\":{\"name\":\"Bogdan Odagescu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/b496539dc21c086e1deff9b417453162\"},\"headline\":\"DoubleTree near Dupont Circle Commands $65M\",\"datePublished\":\"2016-04-25T13:24:54+00:00\",\"dateModified\":\"2020-04-28T10:56:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/doubletree-near-dupont-circle-commands-65m\\\/\"},\"wordCount\":293,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/doubletree-near-dupont-circle-commands-65m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/04\\\/DoubleTree-by-Hilton-Hotel-Washington-D.C..jpg\",\"articleSection\":[\"Deals\",\"Hotel\",\"Mid-Atlantic\",\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/doubletree-near-dupont-circle-commands-65m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/doubletree-near-dupont-circle-commands-65m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/doubletree-near-dupont-circle-commands-65m\\\/\",\"name\":\"DoubleTree near Dupont Circle Commands $65M - 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